Notcoin (NOT) has been making waves with its recent price action. Over the past 24 hours, traders have witnessed a captivating display of market forces at work as NOT attempts to break free from its recent downtrend. Let’s dive into the technical analysis and explore what the charts tell us about NOT’s potential future movements.

The 1-hour chart for NOT paints a picture of a market at a crossroads. After opening at 0.01139, (NOT) experienced a slight dip, touching a low of 0.01120 before rebounding. Currently trading at 0.01112, the asset has seen a significant 20.61% surge in the last 24 hours. 

Technical Analysis

One of the most prominent features on the chart is the confluence of moving averages. The 20, 50, and 100 EMAs are tightly grouped, suggesting a period of consolidation. Interestingly, the price has recently broken above this cluster, often preceding a significant move. The 200 EMA, hovering around 0.01172, remains a critical level to watch as it represents a major hurdle for the bulls to overcome.

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Other indicators on the chart have been flashing mixed signals, adding to the market’s complexity. Recent buy signals (green checkmarks) have corresponded with price upticks, indicating that bullish momentum may be building. However, sell signals (red ‘S’ markers) suggest that bears are not ready to relinquish control entirely.

Support And Resistance Levels

The chart clearly defines support and resistance levels. Strong support has been established at 0.00852, which coincides with a recent price bottom. Additional support can be found at 0.01038, a level that has repeatedly held firm against selling pressure. On the upside, resistance is evident at 0.01185 and 0.01253, where previous rallies have stalled.

Furthermore, the overall structure of NOT’s price action resembles a potential inverse head and shoulders pattern. This formation, if completed, could signal a major trend reversal. However, traders should remain cautious, as the pattern is not yet confirmed, and a break above the neckline (around 0.01185) would be necessary for validation.

Volume Analysis

Volume analysis provides additional context to recent price movements. The latest uptick in price was accompanied by a noticeable increase in trading volume, lending credibility to the bullish move. Sustained high volume will be crucial for NOT to maintain its upward trajectory.

Notably, NOT appears to be attempting to break out of a descending channel that has dominated price action over the past few days. A successful breach of this channel could open the door to further gains, potentially targeting the 0.01253 resistance level.

Looking ahead, traders should closely monitor the 0.01185 resistance level. A decisive break above this point and strong volume could confirm the bullish reversal and potentially lead to a test of the 200 EMA. Conversely, failure to breach this resistance might result in a retest of lower support levels, with 0.01038 being a key area to watch.